Networking LCI Highlights

The Pocket LLC

At the May 2018 PMINJ Programs meeting, the
Career Networking LCI hosted Frank and Mark Boffa of Boffa
& Company CPAs. The father and son pair provided
practical advice on starting one’s own consulting firm. They
discussed the incorporation options in light of the new
federal income tax law, which favors flow-through entities,
such as the LLC.

The Boffas focus on small, local businesses — they keep
accounts for local dry cleaners, restaurants and
consultants. Their office houses both employees and
independent consultants who rent space and services during
the tax season. They had stories of success and hiccups
consultants have met with over the years.

Given the reality of businesses shedding workers, Frank and
Mark recommended that all professional service workers, such
as Project Managers have a “pocket LLC.” That is, they
recommend being prepared in case an interview turns into a
contract negotiation.

You don’t need a lawyer or a CPA to form an
LLC. You can follow the process laid out on this NJ
state webpage. Eventually, you’ll need a business bank
account to keep your business earnings separate. Tax-wise,
you will only need one extra form for the LLC – no separate
filing needed.

Among the advantages of working through an LLC is being able
to write off expenses – it’s worth getting some professional
advice here – and being able to use umbrella insurance for
liability insurance (assuming that’s okay with your client).
The “disadvantage” is that you will have to pay the
employer’s share of Medicare and social security. This
(roughly) 14% additional tax is called the “self-employment
tax.”

In terms of pricing your services by hour or week, you
should at minimum include the self-employment tax. However,
the better way, according to Frank, is to look at what it
costs the customer to hire someone, and then work down from
there to make your services bargain-priced, while still
giving yourself a maximum income.

Abstract

You may have heard a few things about
Artificial Intelligence (AI) over the past year or two,
programs that have beat human beings in games like Jeopardy,
Poker and GO; AI being used in voice assistants such as the
Amazon Echo, Apple Siri and Google Home; AI enabling
self-driving vehicles. Believe it or not, that is just the
TIP of the iceberg. AI is currently being applied to a WIDE
range of tasks and spaces, including finance, project
management, medicine, education, sales and more. But the
most important question of all - can Artificial Intelligence
replace YOU? What do you need to know - and more importantly
- how do you Keep Pace with this important, disruptive and
rapidly evolving technology? The answers may surprise you.
In this brand new presentation for 2018, George will:

Highlight the depth and breadth of AI current state

Introduce the Keep Pace AI Disruption Gauge

Apply his 10 Steps to Keep Pace with Artificial
Intelligence

Identify activities that are indicators of AI
replacement

Introduce the Keep Pace Technically Savvy Formula, and

Identify resources you can use TODAY to learn more
about AI

The presentation will also include George's AI mascot,
Aiden, who will provide commentary throughout the
presentation. All told, this will be an engaging,
entertaining and action packed presentation you won't want
to miss

Speaker

Bio:George Pace is an IT technology leader, focusing on how
to extract business value from the latest technologies. He
is currently working to "Keep Pace" with Cloud Computing,
the Internet of Things (IoT) Digital Assistants as well as a
dash of Social Media for good measure.

George holds a Bachelor's degree in Computer Science
from Seton Hall University and an MBA from the Rutgers
Business School.

Other Meetings:

Agile LCI

Topic: How can Agile Coaches and
Scrum Masters help my teams?

As Project and Program Managers you're
probably finding Agile Coaches and Scrum Masters on your
teams. If you ever wondered how these roles can improve team
performance you may not want to miss the Agile LCI meeting
in May. During this meeting Bob Phillips (MBA, PMP, ICE-AC,
PMI-ACP, and CSP) will help you gain a deeper understanding
of what these roles can do for your team.

Career Networking LCI

Topic: Considering Your Own
Business?

Success in the gig economy means knowing how to manage
projects as a business. If each future engagement will be a
standalone - a 'gig' - would it be appropriate for you to
contract with employers directly? Considering your
expertise, structuring yourself as an LLC enables you, as a
gig-employee, to carry lower liability insurance and may
provide tax advantages.

Frank and Mark Boffa, of Boffa & Company CPAs, will
explore the benefits and challenges of forming your own
business entity:

The basics of forming an LLC - Limited Liability
Company

Strategies employed by successful consultants

Changes in the law that impact tax planning

Changing business requirements and the impact on human
resources

Accounting solutions for consultants and small
businesses

Frank Boffa has been providing individuals and businesses
with reliable tax, accounting and consulting services that
provide peace of mind and business stability for four
decades. Son Mark studied ethics at Drew University and
earned an MBA at Rutgers. Mark is managing the family
business as accounting becomes more automated and
projectized.